2 weeks Ago By Yoshiaki Nohara
Japan’s economy grew at a slightly faster pace than expected, backing the case for the central bank to stay on the path toward rate hikes while also easing pressure on the government as it finalizes fiscal stimulus steps to be unveiled this month. Gross domestic product expanded at an annualized pace of 0.9% in the three months through September from the prior period, the Cabinet Office reported Friday, slowing from a downwardly revised 2.
2% clip in the previous period. The result was a tad higher than the 0.7% consensus estimate.
The slowdown will help justify Prime Minister Shigeru Ishiba’s case for compiling a stimulus package set to be released as early as next week. Ishiba is under pressure to restore support after voter discontent over persistent inflation played a role in the ruling coalition’s electoral debacle last month, when it lost its majority in parliament..
